Reserve Bank of India
The RBI seal pictured on a gate outside the RBI headquarters in Mumbai Oct.29 2013.Reuters file

Economic activity as measured by banking activity was lacklustre for the fortnight ended August 5, 2016, as revealed by data published by the Reserve Bank of India (RBI). Both deposits and advances grew by less than a percent from July 22, 2016 for scheduled commercial banks (including regional rural banks).

On a year-on-year (YoY) basis, both advances and deposits showed an increase of about 10 percent, according to the RBI data published on Monday.

For the fortnight ended August 5, 2016, deposits grew by a marginal 0.88 percent to Rs. 97,59,392 crore from Rs. 96,74,048 crore as of July 22, 2016. The growth was 9.8 percent from Rs. 88,87,149 crore as on August 7, 2015.

Advances also displayed a similar trend, indicating poor credit take-off. Total bank credit stood at Rs. 72,96,174 crore as on August 5, 2016, up by a meagre 0.39 percent from Rs. 72,67,667 crore as of July 22, 2016. However, when compared to total advances of Rs. 66,43,388 crore as of August 7, 2015, the growth was 9.8 percent.

The figures were provisional, the RBI added in its statement.

The data also revealed that food credit dropped 0.78 percent to Rs. 1,04,630 crore as of August 5, 2016 from Rs. 1,05,460 crore as of July 22, 2016.

Though unrelated, it is pertinent here that State Bank of India (SBI), the country's largest lender by assets, reported a growth of 11.4 percent rise in advances to Rs. 14,63,690 crore and 10.46 percent growth in deposits to Rs. 17,82,371 crore, on a year-on-year basis for the first quarter ended June 30, 2016.

SBI accounts for about a fifth of total bank deposits and advances.

The BSE Bankex was down 0.32 percent at around 2.15 p.m. while the NSE Nifty Bank fell 0.30 percent.

The BSE Sensex was trading 109 points, or 0.39 percent, at 27,876 and the NSE Nifty was at 8,589, down 40 points.